The ME Foundation is poised to launch its Solana-based ecosystem token, ME, on December 10th, according to a representative speaking to Decrypt. The token, closely aligned with the leading NFT marketplace Magic Eden, is generating significant anticipation with a pre-market valuation estimated to exceed $500 million.
The airdrop will reward users of Magic Eden’s Bitcoin exchange and cross-chain NFT marketplace, claimable exclusively through the Magic Eden Wallet app. While the exact conversion rate of Magic Eden Diamonds, the platform’s current rewards program, to the ME token remains undisclosed, the spokesperson indicated that allocation will be based on several factors. These include “organic” trading activity, cross-chain trading volume, and platform “loyalty” measured by historical usage.
Although users won’t know their exact allocation until the launch date, the ME Foundation will release a tool in the days prior, allowing users to check their eligibility for the airdrop.
On December 10th, 12.5% of the total 1 billion ME token supply (125 million tokens) will be unlocked and available for eligible Magic Eden users to claim. A further 22.5% of the supply, or 225 million ME tokens, will be reserved to incentivize future engagement with ME Foundation protocols and associated platforms.
Pre-market trading on Whales Market has seen the ME token reach a price of $4.50, although trading volume has decreased since further token details were released on Monday. At this price point, the airdrop’s value on claim day would surpass $562 million. However, Coinbase’s pre-market trading platform places the price lower, at $3.41.
Initially a Solana NFT marketplace, Magic Eden has expanded its reach to become the leading Bitcoin Runes and NFT exchange. According to data from Tiexo, it has maintained the largest market share among all NFT marketplaces over the past six months.
